Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

unabhaengigkeitFondsAnbieter- Pioneer Investments: Der Nettoumsatz stieg im Jahresvergleich weltweit um 15 %
(GJ 2014: 13,2 Mrd. Euro)

Das verwaltete Vermögen stieg um 11 % zum Vorjahr auf 224 Mrd. Euro
(GJ 2014: 201 Mrd. Euro)

Weiterhin starke Zugkraft bei Multi-Asset- und liquiden Alternativstrategien

Der weltweit tätige Vermögensverwalter Pioneer Investments lieferte auch 2015 ein starkes Ergebnis mit Rekordzuflüssen von 15,2 Mrd. Euro weltweit. Der Nettoumsatz stieg im Jahresvergleich um 15 %, und das verwaltete Vermögen belief sich Ende Dezember 2015 auf 224 Mrd. Euro*, was einem Wachstum von 11 % im Vergleich zum Dezember 2014 entspricht. Pioneer verzeichnete einen Zuwachs der Vermögenswerte in allen Geschäftsbereichen. Besonders solide waren die Zuflüsse aus Italien und Deutschland. Auch Asien und Lateinamerika zeigten eine positive Dynamik.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter- GAM: As asset allocators, we are facing a macro environment of global SJB Fonds in der Pressegrowth forecasts that have been revised down and contracting world trade in the first half of the year. China is the obvious culprit, but the West also has recovery expectation issues linked to valuations and growth, which must be adjusted for. Revenues of S&P 500-listed companies have been declining and the global corporate earnings picture is mixed. Considering all these influences, it is not obvious where an equity rally could materialise from.

The contraction in US earnings is linked to the energy crisis, the strength of the US dollar, declining export markets and the slowdown in consumption. While US consumers have been doing OK, they have not resumed pre-2008 spending patterns. But perhaps market expectations are too high. Looking at the price of the S&P 500 versus earnings, in 2012 there was a big up-rating, where a meaningful recovery was being priced in. But these expectations have not been matched by earnings growth.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: It is hard to ascertain what the outcome will be of the Greek situation, but it is becoming clearer that despite the hard line being taken by some policymakers, there is a real desire to keep Greece in the eurozone. Whether this is for geopolitical reasons or for fears of the unknowable consequences of a Lehman-type situation it is hard to know, but there does seem to be marked differences in behaviour between finance ministers and their leaders, particularly in Germany. Mr Draghi has also made it very clear that the ECB is not the body to make what is essentially a political decision. We think that a deal will be done at the last moment but see this as a probability, not a certainty.

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Kategorien: Anbieter. Berichten.
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FondsAnbieter- GAM: Weekly Manager Views

18. Februar 2015 von um 11:00 Uhr

unabhaengigkeitFondsAnbieter-GAM: Many of the macro trends present in emerging markets (EM) during 2014 have continued into 2015. We remain in an environment of sluggish growth and downward earnings revisions, some of which have been reflected in the corporate results issued so far this year. In some markets we have seen fiscal retrenchment, for example Brazil, where the government is trying to cut costs to balance its budget. Another significant macro trend is the falling oil price – creating a very positive environment for some economies and a very negative one for others. A general decline in interest rates is also occurring as inflationary pressure abates in most EM countries.

Notwithstanding these macro trends, the market is still very positive for stock pickers. It makes sense to focus on earnings revisions and company fundamentals to extract alpha from the market. There is some intra-day and intra-month volatility occurring as investors take profits as companies report slightly better results than expected. However, we still think that equities are responding well to earnings revisions, and this trend is set to continue

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Kategorien: Anbieter. Berichten.
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FondsAnbieter- GAM: Weekly Manager Views

05. November 2014 von um 10:00 Uhr

unabhaengigkeitFondsAnbieter-GAM: Our long-only emerging market debt strategy, which we run under the Julius Baer brand, is up 3.0% year-to-date (USD class to 28 October), a moderate gain, but one which we feel is stronger than it looks at first glance. The return is twice that of the local currency JPMorgan GBI-EM Global Diversified index, and it is worth noting that most of our peers are underperforming the industry benchmark this year.

The largest contributor to outperformance this year was the underweight position to Russia. A short euro against US dollar position was also profitable. An underweight position in Turkey has contributed positively to performance given the country’s economic difficulties earlier in the year. We are more constructive on Turkey’s economic outlook now, particularly as it is a key beneficiary of the fall in global oil prices. Hence, we have reduced the underweight and may go overweight in the future. The strategy has an 8% allocation to India, which has performed strongly this year. This off-benchmark allocation has added to relative returns. Indian bonds are currently yielding 8.5% and this is a positive carry story for us.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: April was a difficult month for performance and there seems to be something of a conundrum occurring in equity markets at present. Those companies with the strongest share price performance year-to-date are among those we would classify as being the worst businesses. These include companies such as Commerzbank, Fiat, Air France, Peugeot and Telecom Italia. Such businesses typically produce a return on capital employed (ROCE) well below the cost of capital over the course of a cycle, and in many cases these companies have produced a ROCE below the cost of capital every year over the last decade. As a consequence most fundamental managers do not own such stocks and have suffered poor relative performance during the last 6-8 weeks. However, as such companies are value destructive their relative outperformance does not last long even though the ‘trade’ from discounting returns that are absolutely woeful to merely dreadful can be sharp.

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Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! Gerd Bennewirtz-Sparer-Wissen-Fonds Begriffe: Was FondsInvestoren, Sparer und Privatanleger aktuell interessiert! Die FondsFrage heute, die im Zusammenhang mit Growth-Fonds steht: Wie erzielt der Allianz Europe Equity Growth „Wachstum made in Europe? „Regionale Aktienfonds werden meist nach dem Substanzansatz (Value) oder nach dem Wachstumsansatz (Growth) gemanagt“, definiert Gerd Bennewirtz, Geschäftsführer und FondsVerwalter der SJB FondsSkyline aus Korschenbroich im Rhein-Kreis Neuss. „Kaufe preiswert Substanz, sagen Value-Investoren, die Standardwerte kaufen. Kaufe rechtzeitig Wachstum, sagen sich Growth-Investoren. Sie suchen nach Unternehmen, die aufgrund außergewöhnlicher Marktbedingungen ein überdurchschnittliches Umsatz- und Gewinnwachstum erwarten. Außergewöhnlich sind die Bedingungen in Europa – ein optimales Umfeld für Thorsten Winkelmann, seit September 2009 FondsManager des Allianz Europe Equity Growth.“

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